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Royal India Corporation Ltd.

BSE: 512047 Sector: Others
NSE: N.A. ISIN Code: INE510H01015
BSE 00:00 | 23 Jul 2.59 0.12






NSE 05:30 | 01 Jan Royal India Corporation Ltd
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OPEN 2.59
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52-Week high 2.59
52-Week low 0.71
Mkt Cap.(Rs cr) 6
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Royal India Corporation Ltd. (ROYALINDIACORP) - Director Report

Company director report


The Members


Your Directors have pleasure in presenting their 36thAnnual Report togetherwith the Audited Accounts for the year ended 31st March 2020.

1. Financial Highlights:

The financial performance of your Company for the Financial Year 2019-20 is summarizedin the following table:

2019-20 2018-19
Particulars As per IND AS As per IND AS
Revenue from Operations (Net of Excise) and Other Income 2009991617 1268368307
Other Expenses 2086894876 1266361833
Finance Charges 107581256 88006058
Depreciation 9684 8808
Profit/Loss Before Tax (184494199) (86008392)
Provision for Tax (Including for earlier years) - -
Current Tax 198920
Deferred Tax 32205944 26036035
Net Profit/Loss After Tax (152288255) (60171277)

2. Turnover & Profits:

During the year under review the turnover of the Company increased. Turnover of theCompany during the financial year 2019-2020 is Rs. 2009991617/- (Two Hundred CroresNinety Nine Lakhs Ninety One Thousand Six Hundred and Seventeen only) and that infinancial year 2018-2019 it was Rs. 1268368307 (One Hundred and Twenty Six CroresEighty Three Lakhs Sixty Eight Thousand Three Hundred and Seven only). Even though theturnover increased by around 59% there was increase in expenses during the year which ledto higher losses compared to previous year.

The net loss of the Company for the year under review is Rs. 152 288255 (Fifteen coretwenty two lakh eighty eight thousand two hundred fifty five only) as compared to a netloss of Rs. 60171277 (Six crores one lakh seventy one thousand two hundred seventy sevenonly) in the previous financial year.

3. Dividend:

Considering the financial performance of the Company for the financial year ended 31stMarch 2020 the Directors of your Company do not recommend any dividend.

4. Transfer to Reserves:

During the current financial year there were no specific transfers made to any specialreserves account.

5. Share Capital:

The Paid up Equity Share Capital of the Company as on 31st March 2020 wasRs. 230800000/- (Rs. Twenty Three Crore Eight Lakh only) comprising of 23080000/-(Two Crore Thirty Lakh Eighty Thousand) shares of Rs. 10 (Rs. Ten) each. The Company hasnot issued shares with differential voting rights Bonus shares employee stock optionsand sweat equity shares.

6. Change(s) in the Nature of Business if any:

During the period under review there was no change in the nature of business of theCompany.

7. Material changes and commitment if any affecting financial position of theCompany from the end of the financial year till the date of this Report:

There have been no material changes and commitments that have occurred after close ofthe financial year till the date of this report which affect the financial position ofthe Company.

8. Impact of novel COVID-19 pandemic

Due to novel COVID-19 outbreak the Maharashtra Government announced lockdown in fourcities of Maharashtra i.e. Mumbai Pune Nagpur and Pimpri Chinchwad from the midnight ofMarch 20 2020 till March 31 2020. The Government of India announced a nationwidelockdown with effect from March 25 2020 which got extended from time to time to combatthe spread of the COVID-19 virus. In compliance with various directives issued by theState / Central authorities your Company suspended the some operations at the Office andshut the offices with a view to safeguard the risks to the health of the employees of theCompany.

9. Subsidiaries/Associates and Joint Ventures:

Pursuant to the provisions of Section 129(3) of the Companies Act 2013 (‘theAct') a statement containing salient features of Financial Statements ofsubsidiaries/Associates and Joint Ventures in Form AOC-1 is not applicable as the Companydoes not have any Subsidiary Associate or Joint Venture Companies.

10. Public Deposits:

During the year under review your Company has not accepted or renewed any amountfalling within the purview of provisions of Section 73 of the Companies Act 2013("the Act") read with the Companies (Acceptance of Deposit) Rules 2014 duringthe year under review. Hence the requirement for furnishing details of deposits which arenot in compliance with the Chapter V of the Act is not applicable.

11. Board Evaluation:

In a separate meeting of Independent Directors held on 1st April 2019performance of the non-independent directors performance of the board as a whole andperformance of the Chairman was evaluated. Based on such report of the meeting ofIndependent Directors and taking into account the views of directors the Board hadevaluated it's performance on various parameters such as Board composition and structureeffectiveness of board processes effectiveness of flow of information attendancecontributions from each directors etc.

12. Board Committees:

In compliance with the requirements of Companies Act 2013 and SEBI (ListingObligations and Disclosure Requirement) Regulations 2015 your Board had constitutedvarious Board Committees including Audit Committee Nomination & RemunerationCommittee Stakeholders Relationship Committee and Corporate Social ResponsibilityCommittee. Details of the constitution of these Committees which are in accordance withregulatory requirements have been uploaded on the website of the Company Details of scope constitution terms of reference number of meetings heldduring the year under review along with attendance of Committee Members therein form partof the Corporate Governance Report annexed to this report.

13. Management's Discussion and Analysis:

The detailed analysis of the State of Company's affairs / developments as requiredunder SEBI

(Listing Obligations and Disclosure Requirement) Regulations 2015 is discussed underManagement Discussion and Analysis section of Directors' report as Annexure I.

14. Corporate Governance Report:

In order to maximize shareholder value on a sustained basis your Company has adoptedCorporate Governance practices strictly complying with the requirements of SEBI (ListingObligations and Disclosure Requirement) Regulations 2015 applicable provisions of theCompanies Act2013 and applicable Secretarial Standards issued by the Institute of CompanySecretaries of India.

In compliance with the requirements of Companies Act 2013 and Listing Regulationsyour Board has approved various Policies including Policy with respect to obligations ofDirectors and Senior Management Insider Trading Code Document Preservation PolicyMaterial Event Determination and Disclosure Policy Fair Disclosure Policy CorporateSocial Responsibility Policy Whistle Blower and Vigil Mechanism Policy Related PartyTransaction Policy and Remuneration Policy. All these policies and codes have beenuploaded on Company's corporate website Additionally

Directors FamiliarisationProgramme Policyon Internal Financial Control Policy onperformance evaluation of Board Risk Management Policy Policy and Terms and Conditionsfor appointment of

Independent Directors can be viewed on Company's corporate website

A detailed Report on Corporate Governance as per requirement along with the Certificateissued by the Statutory Auditors confirming the compliance of the provisions of theCorporate Governance is attached and forms part of this Annual Report as Annexure II.

15. Directors and Key Managerial Personnel:

(a) Declaration by Directors:

All the Directors of the Company have confirmed that they are not disqualified frombeing appointed as a Director in terms of Section 164 (2) of the Companies Act 2013.

All the Independent Directors of the Company have given their declarations to theCompany under Section 149(7) of the Act that they meet the criteria of independence asprovided under Section 149(6) of the Act and Regulation 16(1)(b) of SEBI (ListingObligations and Disclosure Requirements) Regulations 2015. In the opinion of the Boardthey fulfill the conditions of independence as specified in the Act and the SEBI (LODR)2015 and are independent of the management. The Company issues a formal letter ofappointment to the Independent Directors outlining their role function duties andresponsibilities the format of which is available on the Company's website at

(b) Familiarization programme:

The Company proactively keeps its Directors informed of the activities of the Companyits management and operations and provides an overall industry perspective as well asissues being faced by the industry.

(c) Directors and Key Managerial Personnel:

As on 31st March 2020 your Board comprised of four Directors including threeIndependent Directors Independent Directors provide their declarations both at the timeof appointment and annually confirming that they meet the criteria of independence asprescribed under Companies Act 2013 and SEBI (LODR) Regulations 2015. During FY 2019-20your Board met 11 (Eleven) times i.e. on 25th April 2019 29th May 2019 6th June 201929th June 2019 14th August 2019 5th October 2019 14th November 2019 31st December2019 14th January 2020 14th February 2020 and 12th March 2020details of which areavailable in Corporate Governance Report annexed to this report. The time gap between anytwo Board meetings does not exceed 120 days.

During the year Mr. Dinesh Jani was appointment as Chief Financial Officer of theCompany from 6th June 2019 on the recommendation of Nomination andRemuneration Committee. On 29th June 2019 Ms. ManishaAnand (DIN: 03497950)resigned from her post and Ms. MadhusaInda(DIN: 07971726) was appointment as IndependentDirector on the Board after due consideration by Nomination and Remuneration Committee.Further on 8th November 2019 Mr. RavikantChaturvedi (DIN: 05198811) resigned from theBoard due to personal reasons. On 31st October 2019 Ms. NidaKhot resigned fromthe post of Company Secretary of the Company. As per Companies Act 2013 this vacancyneeds to be filed within the said vacancy was supposed to be filed within 6 months.

Mr. Sharad Sharma resigned from the Board on 14th January 2020. In theBoard meeting held on 14th January 2020 Mr. HemandraPuriGoswami (DIN:06856762) was appointed as Independent Director in place of Mr. RavikantChaturvedi.&Mr. Lalit Jain (DIN: 00537827) was appointed in place of Mr. Sharad Sharma (DIN:03081131). Both the Directors had given their declaration of independence to Nominationand Remuneration Committee and after due verification they were appointed. On 12thMarch 2020 Mr. HemendraPuriGoswami and Mr. Lalit Jain tendered their resignation and theBoard appointed Mr. SumeetSonigra (DIN: 07082048) and VaishaliBaria (DIN: 08714945) asIndependent Additional Directors. In the same Board meeting held on 12th March2020 Ms. Mitali Shah was being appointed as Company Secretary of the Company.

After the year ended 31.03.2020 but before the 36th Annual General MeetingMs. Mitali Shah resigned from the post of Company Secretary and Compliance officer of theCompany w.e.f. 14th August 2020and Ms. Jinal Shah was appointed as a Company Secretaryand Compliance officer of the Companyw.e.f. 17th August 2020.Mr. SumeetSonigra(DIN: 07082048) tendered his resignation in the Board Meeting held on02ndSeptember2020 and Mr. NipulMeghani (DIN: 07397734) was appointed as IndependentAdditional Director of the Companyin the same Board Meeting held 02ndSeptember 2020.

16. Director Responsibility Statement:

As per Section 134 (5) of the Companies Act 2013; the Board of Directors to the bestof their knowledge and ability confirm that: a) In the preparation of the annual accountsfor the year ended March 31 2020 the applicable accounting standards have been followedand that there are no material departures; b) They have selected such accounting policiesand applied them consistently and made judgments and estimates that are reasonable andprudent so as to give a true and fair view of the state of affairs of the Company at theend of the March 31 2020 and of the Profit and Loss of the Company for the year endedMarch 31 2020; c) They have taken proper and sufficient care for the maintenance ofadequate accounting records in accordance with the provisions of the Companies Act 2013for safeguarding the assets of the Company and for preventing and detecting fraud andother irregularities; d) They have prepared the Annual Accounts on a ‘going concern'basis; e) They have laid down internal financial controls to be followed by the Companyand that such internal financial controls are adequate and were operating effectively; f)They have devised proper systems to ensure compliance with the provisions of allapplicable laws and that such systems were adequate and operating effectively.

17. Auditors:

A. Statutory Auditors:

M/s. Agarwal Desai & Shah. Chartered Accountants (Firm Registration No. 124850W)Statutory Auditors of the Company were appointed for a term of 5 years from theconclusion of 36thAnnual General Meeting of the Company till the conclusion ofthe 41stAnnual General Meeting of the Company. The Company has received writtenconsent and eligibility certificate that they satisfy the criteria provided under Section141 of the Act and if their appointment is made then it would be within the limitsprescribed under Section 139 of the Act. Your Directors recommend the appointment of M/s.Agarwal Desai & Shah as Statutory Auditors of the Company. Auditors Qualification:

The notes to the financial statements referred to in the Auditors' Report areself-explanatory and do not call for any further explanations or comments. The Auditors'Report does not contain any qualification reservation or adverse remark.

B. Secretarial Audit Report:

In compliance with the provisions of Section 204 of the Companies Act 2013 read withRule 9 of the Companies (Appointment and Remuneration of Managerial Personnel) Rules 2014the Company has appointed M/s Mayank Arora & Company Mumbai (Membership No. F10378COP No 13609) to conduct the Secretarial Audit of the Company for the financial year ended31st March 2021.

A copy of secretarial audit report is annexed to this report as Annexure IIIaccompanied with Secretarial Compliance Report under Regulation 24A of the SEBI (LODR)Regulations 2015.

Secretarial Auditors Qualification:

The Report of the Secretarial Auditor does not contain any qualification reservationor adverse remark. However the said report contains observation and explanation of whichis given below:

S.N. Observation Explanation by the Management
1. During the year there was violation in the minimum number of Directors in Public Limited Company- Regulation 17 of SEBI (LODR) Regulations 2015 & Section 149 of Companies Act 2013 Acceptance of resignation of Mr. Sharad Sharma was noted at the meeting of the Board of Directors held on December 31 2019 and accordingly after due discussion with him he has been relieved from his duties on 14th January 2020 and on the same date Mr. Hemendra Puri Goswami and Mr. Lalit Jain were appointed as Non- Executive Independent Directors of the Company.
2. The listed entity shall submit within 30 days from the date of publication of its standalone and consolidated financial results for the half year disclosures of related party transactions on a consolidated basis in the format specified in the relevant accounting standards for annual results to the stock exchanges and publish the same on its website- Regulation 23(9) of SEBI (LODR) Regulations 2015 The Company did not file the disclosures with Stock Exchange and website as required under Regulation 23(9) within 30 days from the date of publication of its financial results for the half year ended March 2019 & September 2019.
The Company has explained that since the Company did not have any Related Party transactions during the said period and that is why they have not filed the same.
3. Delay in filing Outcome of Board meeting held on 29th May 2019- Regulation 30 of SEBI (LODR) Regulations 2015 The Board meeting held on 29th May 2019 concluded at 21:04. The Company filed Outcome of the said meeting on 30th May 2019 at 20:57:40.
4. Non- filing of Financial Results for the quarter/year ended 31/03/2019 within prescribed time- Regulation 33 of SEBI (LODR) Regulations 2015 The Company is required to file Financial results within 60 days from the end of quarter/year to respective Stock Exchanges. Since the Financial results of the Company did not get approved in its Board meeting held on 29th May 2019; the same were approved on 06th June 2019 which is beyond sixty days from the end of the financial year.
5. Non filing of certificate with the stock exchange- Regulation 74 (5) of SEBI (Depositories and Participants) Regulations 2018 6. Delay in closure of Trading window- Closure of Trading Window as per SEBI (Prohibition of Insider Trading) Regulations 2015 During the year RTA of the Company informed that they had not received any demat/remat request and the same is not applicable to the Company. The Company has not filed the said certificate for any quarter during the year under review. There was delay in closure of Trading Window for quarter ended March 31 2019 June 30 2019 & December 31 2019.

C. Internal Auditor Report:

M/s M Borar & Company Chartered Accountants (Mem. No.: 419704) conducted InternalAudit of the Company for the FY 2019-2020 pursuant to section 138 of the Companies Act2013 read with the Companies (Accounts) Rules 2014. Their report is self-explanatory anddo not call for any further comments. The Board of Directors of the Company onrecommendation of Audit Committee have appointed M/s. M Borar& Company CharteredAccountants(Mem. No.: 419704) as Internal Auditors

18. Copy of Annual Return and extract of Annual Return:

Pursuant to Section 92 (3) read with the Companies (Management and Administration)Amendment Rules 2020 the Company has placed a copy of the Annual Return (MGT-7) on itswebsite at the weblink i.e. the Extract of the Annual Return in Form MGT-9 as per the Companies (Amendment) Act2019 is available at the website of the Company at the weblink

19. Listing of Shares:

The Equity Shares of the Company are listed on The BSE Limited. Further the Company haspaid necessary listing fees to Stock Exchange.

20. Whistle Blower Policy/ Vigil Mechanism:

As per Section 177 of the Companies Act 2013 and Regulation 22 of SEBI (LODR)Regulations 2015 the Company has adopted a Whistle Blower/ Vigil Mechanism Policy toprovide a formal mechanism to the Directors and employees to report their concerns aboutunethical behavior actual or suspected fraud or violation of the Company's Code ofConduct or Ethics Policy. The Policy provides for adequate safeguards againstvictimization of employees who avail of the mechanism and also provides for direct accessto the Chairman of the Audit Committee. It is affirmed that no personnel of the Companyhave been denied access to the Audit Committee. The Policy has been posted on the websiteof the Company at

21. Corporate Social Responsibility (CSR):

The Company has formed a CSR Committee voluntarily. During the current financial yearthe provisions of Section 135 of Companies Act 2013 is not applicable to the Companytherefore; it is not required to pay 2% of the average net profits of the Company for thecurrent Financial Year hence it is not required to give details of the CSR expenditurepursuant to clause (o) of sub-section (3) of section 134 of the Act and Rule 9 of theCompanies (Corporate Social Responsibility) Rules 2014. The constitution and detailedcontent of the Corporate Social Responsibility Policy of the Company is placed on itswebsite at

22. Related Party Transactions :

None of the transactions entered with related parties falls under the scope of Section188(1) of the Act. Details of transactions with related parties as required under Section134(3)(h) of the Act read with Rule 8(2) of the Companies (Accounts) Rules 2014 is Nil.Accordingly there are no transactions required to be reported in Form AOC-2 as per Section188 (1) of the Companies Act 2013. During the period the Company has paid onlyremuneration to the KMPs for the services rendered by them to the Company.

The Company has a Policy for dealing with Related Party Transactions. The Policy may beviewed on the Company's website at the web link: i.e

23. Committee Meetings:

The Board has constituted an Audit Committee Nomination and Remuneration CommitteeStakeholder Relationship Committee and Corporate Social Responsibility Committee. Forfurther details please refer to Report on Corporate Governance. There have been noinstances during the year where recommendations of the Audit Committee were not acceptedby the Board. The details of the composition of the Board and its Committees and thenumber of meetings held and attendance of Directors at such meetings are provided in theCorporate Governance Report which forms part of the Annual Report.

24. Independent Directors' Meeting:

In compliance with Schedule IV to the Companies Act 2013 and Regulation 25(3) of theSEBI Listing Regulations 2015 the Independent Directors held their separate meeting on 1stApril 2019 without the attendance of non-independent directors and members of Managementinter alia to discuss the following:

? Review the performance of non-independent directors and the Board as a whole;

? Review the performance of the Chairperson of the Company taking into account theviews of executive directors and non-executive directors; ? Assess the quality quantityand timeliness of flow of information between the Company Management and the Board that isnecessary for the Board to effectively and reasonably perform their duties; and ? Reviewthe responsibility of independent directors with regard to internal financial controls.

All Independent Directors were present at the meeting deliberated on the above andexpressed their satisfaction on each of the matters.


A Certificate of the CEO and CFO of the Company in terms of Regulation 17(8) of theSEBI (LODR) Regulations 2015 is annexed to this report as Annexure IV

26. Internal financial control and their adequacy:

Your Company has adequate internal financial controls and policies/procedures fororderly and efficient conduct of the business including safeguarding of assets preventionand detection of frauds and errors ensuring accuracy and completeness of the accountingrecords and the timely preparation of reliable financial information. The Audit Committeeevaluates the internal financial control system periodically. Your Company has adoptedaccounting policies which are in line with the Indian Accounting Standards notified underSection 133 of the Companies Act 2013 read together with the Companies (Indian AccountingStandards) Rules 2015. These are in accordance with Generally Accepted AccountingPrinciples in India.

The Company has obtained adequate cover for all of it's fixed and other assets. TheCompany has identified the potential risks against the business of the Company and takingproper safeguards to mitigate/ minimize the risks. The detailed analyses of the Riskelements are discussed under the

‘Management Discussion and Analysis Report'. The Internal Auditors of the Companyregularly carry out review of the internal control systems and procedures. The internalaudit reports are periodically reviewed by Audit Committee. Your Company has also put inplace adequate internal financial controls with reference to the financial statementscommensurate with the size and nature of operations of the Company. During the year suchcontrols were tested and no material discrepancy or weakness in the Company's internalcontrols over financial reporting was observed.

27. Risk Management Policy:

Your Company has put in place a Risk Management Policy to define a framework foridentification assessment and mitigation of risk. The Audit Committee and the Boardperiodically reviewed the risk assessment and minimization procedures as required underRegulations 34 (3) and 53 (f) of the SEBI (Listing Obligations and DisclosureRequirements) Regulations 2015 so as to ensure that risk is controlled. In the opinion ofthe Board there are no risks which may threaten the existence of the

Company. The Risk Management Policy of the Company can be viewed at Company's websiteat the weblink i.e.

28. Particulars of Loans Guarantees and Investments:

The details of Loans and Advances made Guarantees given or Securities provided havebeen given in notes to financial statements.

29. Transfer of Unclaimed Shares/Dividend and interest thereon to IEPF:

As required under Section 124 of the Act there are no unclaimed shares /dividend andinterest thereon lying with the Company for a period of seven years liable to betransferred to the Investor Education and Protection Fund established by the CentralGovernment.

30. Procedure for Nomination and Appointment of Directors:

The Nomination and Remuneration Committee (NRC) has been mandated to oversee anddevelop competency requirements for the Board based on the industry requirements andbusiness strategy of the Company. The NRC reviews and evaluates the resumes of potentialcandidates for appointment of Directors and meets them prior to making recommendations oftheir nomination to the Board.

On the recommendation of the NRC the Board has adopted and framed a Nomination andRemuneration Policy for the Directors Key Managerial Personnel and other employeespursuant to the provisions of the Act and the SEBI (LODR) Regulations 2015. Theremuneration determined for Executive/Independent Directors is subject to therecommendation of the Nomination and Remuneration Committee and approval of the Board ofDirectors. The Executive Directors are not paid sitting fees; the Non-Executive Directorsare entitled to sitting fees for attending the

Board/Committee Meetings. The Company's Policy on Directors' Appointment andRemuneration and other matters provided in Section 178(3) of the Act and Regulation 19 ofthe Listing Regulations have been disclosed in the Corporate Governance Report whichforms part of the Annual Report and it is also available on the website of the Company atthe weblink i.e.

31. Particulars of Employees and Remuneration:

None of the employee of the Company is in receipt of remuneration of Rs. 1.02 Croresper annum/ Rs. 8.50 Lakhs per month or more during the FY 2019-20. The informationrequired under Rule 5 (2) & 5(3) of the Companies (Appointment and Remuneration ofManagerial Personnel) Rules 2014 is annexed in Annexure V to the Director's Report. Incompliance with provisions of section 136(1) of the Companies Act 2013 the AuditedFinancial Statements along with other reports are sent to every member of the Companyexcluding the information on employees' particulars which is available for inspection atthe Corporate Office of the company during working day (except Saturday) upto the date ofensuing Annual General Meeting. Any member who is interested in obtaining copy thereofsuch member may write to the Company Secretary at the Registered Office of the Company

The statement containing information as required under the provisions of Section197(12) of the Act read with Rule 5(1) of the Companies (Appointment and Remuneration ofManagerial Personnel) Rules 2014 is given in Annexure V and forms part of this Report.

32. Conservation of Energy Technology Absorption Foreign Exchange Earnings and Outgo:

The information on Conservation of Energy Technology Absorption and Foreign ExchangeEarnings and Outgo stipulated under Section 134 (3)(m) of the Act read with Rule 8(3) ofthe Companies (Accounts) Rules 2014 is furnished hereunder:

(i) Conservation of Energy:

In its endeavour towards conservation of energy your Company ensures optimal use ofenergy avoid wastages and conserve energy as far as possible. Your Company has continuedto accord priority to Conservation of energy and is continuing its efforts to utilizeenergy more efficiently.

(ii) Technology absorption:

The Company has not carried out any research and development activities.

(iii)Foreign Exchange Earnings and Outgo:

As the Company does not have any foreign trading activity it only operates in localmarket hence there are no reportable foreign exchange earnings and outgoes.

1 Foreign Exchange Earnings Exports Nil
Outgo Imports/ Expenses on Foreign Travel Nil

33. Regulatory Orders:

No significant or material orders were passed by the regulators or courts or tribunalswhich impact the going concern status and Company's operations in future.

34. Prevention of Sexual Harassment Policy:

The Company has zero tolerance for sexual harassment at workplace and adopted a policyon prevention prohibition and redressal of sexual harassment at workplace in line withthe provisions of the Sexual Harassment of Women at work place (Prevention Prohibitionand Redressal) Act2013 and the Rules thereunder. During the year under review nocomplaint on sexual harassment was received by the Company. The Policy for prevention ofSexual Harassment is available on the website of the Company this policy not only coversthe women employees of the Company also includes the visitors in the premises. The Womenemployees of the Company are made aware of the protections made available to them underthis policy.

35. Appreciation:

Your Directors take this opportunity to thank the employees customers vendorsbankers registrar and share transfer agents investors of the Company and the communitiesin which the Company operates for their unstinted co-operation and valuable supportextended to the Company during the year. We also take this opportunity to express our deepappreciation for the contribution hard work dedication and commitment of all ouremployees who have been one of the major driving factors for the company's growth andprogress.

Your Directors also thank the Government of India and concerned governmentdepartments/agencies for their co-operation. Your Directors heartily appreciate and valuethe contributions made by every member of the Company.

By order of the Board
For Royal India Corporation Limited
Nitin Gujral
Date: 14th November 2020 Managing Director
Place: Mumbai DIN: 08184605